Iran, Norway companies team up in Caspian

Iran

TEHRAN, November 2, 2017 – Norwegian company Offshore Resource Group signed an MoU with Iran’s Khazar Exploration and Production Company (KEPCO) to jointly conduct studies in the Caspian Sea, Ministry of Petroleum news portal Shana reported on Wednesday.

Under the agreement, the who companies will undertake a study of the Sardar-e-Jangal oilfield, as well as offshore exploratory blocks 24, 26 and 29.

Norwegian Ambassador Lars Nordrum, who was present for the signing, said the MoU could mark the beginning of more extensive oil and gas co-operation between the two countries in the post-sanctions era.

KEPCO is a provider of E&P services, mainly in Iran’s Caspian waters, where it focuses on deepwater exploration.

In Q3 2017, the company has held co-operation talks with Azerbaijan’s SOCAR and Brazil’s Petrobras.

Last month, KEPCO signed an MoU with its parent company, the National Iranian Oil Company, to increase scientific, technical and exploratory co-operation in the Caspian Sea. The MoU involves creating a framework for developing Caspian Sea hydrocarbons under Iran’s Sixth Five-Year Economic Development Plan.

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